First Horizon (NYSE:FHN) Given New $24.00 Price Target at Bank of America

First Horizon (NYSE:FHN - Get Free Report) had its target price upped by analysts at Bank of America from $23.00 to $24.00 in a report issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the financial services provider's stock. Bank of America's price objective would suggest a potential upside of 43.49% from the stock's previous close.

A number of other brokerages have also commented on FHN. StockNews.com raised shares of First Horizon from a "sell" rating to a "hold" rating in a research report on Tuesday, April 8th. JPMorgan Chase & Co. raised their price objective on First Horizon from $22.50 to $23.50 and gave the company a "neutral" rating in a report on Friday, January 17th. Baird R W upgraded First Horizon from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Wells Fargo & Company dropped their price objective on First Horizon from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Finally, Robert W. Baird raised shares of First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 target price for the company in a research note on Monday, April 7th. Six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $22.03.

First Horizon Stock Up 0.8 %

Shares of FHN stock traded up $0.13 during trading hours on Thursday, hitting $16.73. 3,391,026 shares of the company were exchanged, compared to its average volume of 6,435,553. The company has a market capitalization of $8.60 billion, a PE ratio of 12.28, a PEG ratio of 1.19 and a beta of 0.60. First Horizon has a 52 week low of $14.09 and a 52 week high of $22.44. The business has a 50 day moving average of $19.11 and a two-hundred day moving average of $19.57. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 EPS for the quarter, beating analysts' consensus estimates of $0.40 by $0.02. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. The company had revenue of $823.69 million for the quarter, compared to analyst estimates of $825.11 million. During the same period in the previous year, the company posted $0.35 earnings per share. Analysts anticipate that First Horizon will post 1.67 earnings per share for the current fiscal year.

Insider Activity at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the transaction, the chief executive officer now owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.87% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FHN. Stifel Financial Corp increased its holdings in First Horizon by 14.8% in the 3rd quarter. Stifel Financial Corp now owns 85,461 shares of the financial services provider's stock worth $1,327,000 after purchasing an additional 10,988 shares in the last quarter. Barclays PLC lifted its stake in shares of First Horizon by 169.1% in the 3rd quarter. Barclays PLC now owns 1,886,828 shares of the financial services provider's stock valued at $29,301,000 after purchasing an additional 1,185,772 shares during the period. M&T Bank Corp boosted its position in shares of First Horizon by 4.7% during the 3rd quarter. M&T Bank Corp now owns 20,400 shares of the financial services provider's stock valued at $317,000 after purchasing an additional 912 shares in the last quarter. Virtu Financial LLC increased its holdings in First Horizon by 227.0% in the third quarter. Virtu Financial LLC now owns 33,423 shares of the financial services provider's stock worth $519,000 after purchasing an additional 23,203 shares in the last quarter. Finally, Sanctuary Advisors LLC lifted its stake in First Horizon by 16.8% in the third quarter. Sanctuary Advisors LLC now owns 24,637 shares of the financial services provider's stock valued at $383,000 after buying an additional 3,540 shares during the period. Institutional investors own 80.28% of the company's stock.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.